This year has seen an increasing focus by your Company on the Commonwealth Project which covers about 1,000 square kilometres of the Lachlan Fold Belt in New South Wales, one of the most prolific mining provinces in Australia.
In September 2016 drill hole CMIPT046 at the Silica Hill Prospect returned an outstanding intercept of 41.3 metres at 2.0 g/t gold and 176 g/t silver (4.7 g/t gold equivalent) from 61 metres; which includes 16.3 metres at 3.7 g/t gold and 246 g/t silver (7.6 g/t gold equivalent) from 86 m.
Since then further drilling, which is still in progress, has continued to demonstrate a very large mineralised system is present with the potential to lead to an increase in the resources at the project. In addition a large number of other drill targets have been identified which also offer the potential for further discoveries.
Numerous targets for follow up work were also identified during the year at the Broken Hill and Mulga Tank Projects and management is considering how best to fund further exploration here.
It is now evident that the resources sector is recovering following a very difficult five year period. This is being reflected in stronger commodity prices and easier conditions for capital raisings. A Share Purchase Plan was completed during the year and shareholders are thanked for their participation.
Impact's management team, led by Managing Director, Dr Mike Jones, continues to work exceptionally hard as they strive to deliver a major discovery for the Company and you, its shareholders. On your behalf I thank them for their ongoing commitment and dedication.
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About Impact Minerals Limited
Impact Minerals Limited (ASX:IPT) is an exploration company listed on the ASX in November 2006. The Company manages extensive tenement holdings (>2,000 km2) within Australia featuring significant potential for high-grade mineral deposits of gold, silver, lead, zinc, copper, nickel and PGM's. The Directors of the Company have extensive experience in mineral exploration and a strong history of exploration success, business development and corporate management. Impact Minerals intends to build wealth for its shareholders through a vigorous campaign of project generation and evaluation with a view towards profitable mining operations. Impact Minerals intends to build wealth for its shareholders through a vigorous campaign of project generation and evaluation with a view towards profitable mining operations.
Impact Minerals Limited